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Steering Wheel Switches Market Size
Steering Wheel Switches Market size valued at USD 2 billion in 2018 and will grow at a CAGR of over 1.4% from 2019 to 2025. The global industry unit shipments are estimated to reach 500 million units by 2025.
With the increasing concerns regarding driver safety, new advanced reconfigurable controls are being integrated into steering wheels to reduce drivers’ distraction. To operate different functions from different buttons and to prevent accidents, manufacturers are integrating multi-function steering wheel buttons, offering increased safety through the integration of a limited number of buttons. The automotive industry is going through a rapid transformation with developments in vehicle design and the emergence of electric vehicles, which will create the demand for electromechanical systems and components, augmenting the steering wheel switches market growth.
Road safety has become an important area of focus, particularly in developed nations including the U.S. and European countries owing to a large number of fatalities and injuries due to road accidents. According to the National Safety Council, in February 2017, traffic deaths in the U.S. increased by 14.6% in 2015 and 2016, accounting for around 40,200 deaths in 2016. Owing to these concerns, vehicle safety features have become an important area of focus by automotive manufacturers as well as customers, driving steering wheel switches market revenue. The buyers in the U.S. and Canada have high purchasing power and are inclined toward a greater number of safety functions in vehicles, leading manufacturers to implement advanced safety features and driver assistance systems in cars.
How much will the steering wheel switches industry share grow during the forecast timeline?
The industry share of steering wheel switches will grow at a CAGR of over 1.4% from 2019 to 2025.
What are the growth estimates for steering wheel switch shipments?
According to the analysts at GMI, the global industry unit shipments are estimated to reach 500 million units by 2025.
How much size did the global steering wheel switches market register in 2018?
The market size of steering wheel switches was valued at USD 2 billion in 2018.
Where are steering wheel switch products witnessing increased deployment?
Steering wheel switches demand is high in U.S. and Europe owing to significant automotive production in the regions as well as a growing number of vehicle crashes and fatalities.
Why will passenger cars remain a prominent application area for steering wheel switches?
Development of PCVs with enhanced features and the growing demand for controls to manage new infotainment units and ADAS systems will bolster the demand for steering wheel switch products.
How is push steering wheel switches gaining momentum in aftermarket applications?
Aftermarket consumption of push switches will rise owing to its use in radio, volume, channel and vehicle more control, along with higher consumer expenditure on the maintenance of vehicles.
Which are the factors driving the expansion of Asia Pacific steering wheel switches market size?
A growing number of government initiatives and policies to strengthen the manufacturing sector in countries like India and China will fuel the deployment of steering wheel switches.